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'Export sector may lose 10 Million jobs by March'
Tuesday, 06 January 2009, 05:43 Hrs
New Delhi: Nearly 10 million workers across management levels in the export sector may lose their jobs by March this year due to the global economic slowdown, a top official of an Indian exporters' body said here Tuesday.
"Owing to recession and high interest rates, 10 million jobs could be lost in the export sector in India between January and March 2009," said A. Sakthivel, president of the Federation of Indian Export Organisations (FIEO).
"Already a million jobs have been lost and there are more to follow," he told reporters.
A lot of developed economies, including the U.S., are in recession, driving down consumer demand across the world.
"Fresh orders are drying up due to lower demand. Buyers are cancelling the earlier orders or rescheduling the shipment," added Sakthivel.
China's price competitiveness seems to be biting into Indian exporters' pie as a lot of foreign buyers are looking at cheaper options.
"Buyers are also asking to reduce prices even for already executed contracts and are asking us to match China prices," he added.
Source: IANS
"Owing to recession and high interest rates, 10 million jobs could be lost in the export sector in India between January and March 2009," said A. Sakthivel, president of the Federation of Indian Export Organisations (FIEO).
"Already a million jobs have been lost and there are more to follow," he told reporters.
A lot of developed economies, including the U.S., are in recession, driving down consumer demand across the world.
"Fresh orders are drying up due to lower demand. Buyers are cancelling the earlier orders or rescheduling the shipment," added Sakthivel.
China's price competitiveness seems to be biting into Indian exporters' pie as a lot of foreign buyers are looking at cheaper options.
"Buyers are also asking to reduce prices even for already executed contracts and are asking us to match China prices," he added.
Source: IANS
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Reader's comments (6)
1: Indian Exporters getting good value
realisation for USD and Euro's,we can easily
competite with other contries,Goverment
subsidies helped for owners,to avoid job loss
goverment have to give concession on tax,vat
etc... and also give subsidies for raw
material suppliers,will help exporters to
meet the competition,then obvisely no talk of
lossing jobs.
Posted by: Rajasubramanian - 12 Jan, 2009
2: Satyam 5000crores goof up add fuel to
recession in india.Same company get the award
for good corporate governance i dont know who
give them
Posted by: navid dabir - 07 Jan, 2009
3: we need enterpreners than workers.
lets not keep our money stagnant.
everything has a time of downturn.
Hope all gets a better in few months
lets not keep our money stagnant.
everything has a time of downturn.
Hope all gets a better in few months
Posted by: Sabeer - 06 Jan, 2009
4: This situation has pushed us face to face
with China. We have to brace ourselves up and
try to match with the quality and price
advantage of China, perhaps our only
competitor in the international market.
Innovation and strategic planning is the need
of the hour.
Posted by: D Shyam Kumar - 06 Jan, 2009
5: We have to find our own solutions , Home base
solutions to sustain in this scenerieo. Bahot
himmat se kam lena hoga bhai.
Posted by: Bharat - 06 Jan, 2009
6: hi friends, let's turn to self employment.
Posted by: raghav - 06 Jan, 2009
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